July exports surprisingly rebounded to a 3-month high; E&E led
Exports rebounded sharply to 6.8% (Jun: -3.6%), marking a three-month high and beating expectations (KIBB: 4.7%; consensus: -3.2%)
- MoM (15.5%; Jun: -4.0%): rebounded sharply to four-month high following three straight months of decline.
Stronger shipments to Singapore, Taiwan and robust E&E exports drove the rebound
- By destination: largely attributed to a sharp rebound in shipments to Singapore (22.2%; Jun: -16.9%) and China (6.8%; Jun: -9.3%) while Taiwan surged (46.6%; Jun: 14.2%). Notably, shipments to the US (3.8%; Jun: 4.7%) slowed to 16-month low despite expectations of frontloading ahead of tariff implementation.
- By sector: supported by a rebound in manufacturing exports (9.0%; Jun: -3.3%) following two straight months of decline. However, the momentum was partially weighed down by weak agriculture (-8.6%; Jun: 17.5%) and persistent weakness in mining (-4.3%; Jun: -30.5%) despite easing contraction.
- By major product: Electrical & Electronic (E&E) exports rose sharply (22.5%; Jun: 7.1%) accounting for 51.8% of total exports for the month. Commodities-related exports remained weak, led by petroleum products (-27.2%; Jun: -28.1%), liquified natural gas (LNG) (-7.2%; Jun: -26.5%), crude petroleum (-0.9%; Jun: -49.7%) and palm oil & palm-based products (-12.1%; Jun: 24.7%).
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